ICR Updates High Integrity Carbon Standard and Aligns with CORSIA and ICROA
The revision incorporates important improvement to the ICR program requirements, processes, and procedures across several key documents.
18 October 2024 — Reykjavík, Iceland — The International Carbon Registry (ICR) has published updates to its Greenhouse Gas (GHG) Program, incorporating feedback from a recent public consultation. The revision incorporates important improvement to the ICR program requirements, processes, and procedures across several key documents.
As the ICR advances, program requirements and procedures are periodically updated to maintain integrity, align with the latest science, enhance usability, and meet the evolving needs of the voluntary carbon market.
The ICR is publishing important revisions and amendments to the ICR program requirements, processes, and procedures across several key documents and introducing new documents. These updates are designed to enhance clarity, ensure better alignment with ISO standards structure and content, align with ICAO CORSIA emission unit eligibility criteria and ICROA endorsement review criteria.
The general enhancements across all documents include improved clarity and consistency, with added definitions and terminology to ensure clear understanding and coherence. Detailed procedural steps and criteria for various processes have been included, providing stakeholders with precise guidelines. Additionally, these documents now align more closely with international standards, adopting the latest ISO guidelines and integrating best practices and scientific advancements to ensure methodologies and processes are robust and credible.
Key Updates to the GHG Program:
- New Documents and Tools: Introduction of procedures for implementing Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2 of the Paris Agreement, along with a tool for assessing environmental and socio-economic safeguards and reporting on sustainable development goals contributions.
- Expanded Definitions: New terms and expanded definitions aligned with ISO 14064-2 and other standards to improve program clarity, readability and ease of use.
- Enhanced Risk Management and Safeguards: Strengthened frameworks for managing non-permanence, non-performance and non-corresponding adjustment risks.
- Improved Processes for Registration and Issuance: Streamlined steps for account creation, project registration, and issuance of instruments in the updated ICR Process
- Requirements (Version 6.0), simplifying engagement with the platform.
- Refined Methodology Development and Validation: Expanded principles and criteria for developing and validating methodologies, as outlined in the ICR Methodology
- Requirements (Version 3.0), ensuring scientific integrity of all ICR methodologies. .
- Procedures for Continuous Improvement of Methodologies: Clear guidelines for periodic reviews and continuous improvement, as outlined in Version 3.0 of the ICR
- Methodology Approval Process, ensuring methodologies remain up to date with best available science.
- Updated Validation and Verification Specifications: Comprehensive criteria for validation and verification procedures have been updated in the ICR Validation and
- Verification Specifications (Version 2.0), ensuring greater consistency in validation and verification assessments of projects.
- Updated Templates: Relevant templates have been updated to align with the revised documentation and improve usability, making it easier to navigate the project documentation, registration and credit issuance processes. The improved design and guidance provide clearer instructions and streamlining workflows.
These updates, now incorporated into the latest version of the ICR program, are designed to ensure that ICR remains at the forefront of international best practices, supporting the voluntary carbon market’s evolving needs.
Gudmundur Sigbergsson, ICR’s founder and CEO states:
“We are proud to release these significant updates, which raise the bar for quality and transparency in the carbon market, giving stakeholders and investors the confidence to drive impactful change.”
Next Steps
ICR’s revised program is now in effect and available to all stakeholders. All new projects need to conform to the new version. For projects that are currently under validation they have until 31st december to complete validation.
These updates not only strengthen the program’s alignment with international standards but also position ICR to continue leading in the global effort to provide a transparent, high-quality GHG program and registry.
For further information on the updates or to learn how they affect ongoing and future projects, please visit the ICR website or contact us directly.
Any questions relating to the program update contact ICR at [email protected].
About ICR
Founded in 2020 and headquartered in Iceland, the International Carbon Registry (ICR) is a global leader in carbon registration and management solutions. As a pioneer in integrating public blockchain technology, ICR provides a streamlined platform that accelerates the journey of carbon projects from design to delivery via marketplace integrations. Complying with globally recognized ISO standards, ICR simplifies the process of registering and issuing carbon credits (ICCs).
ICR’s team of experts is passionate about creating real, measurable impact and helping our clients achieve their sustainability goal, while advancing its mission of leading the way to a sustainable future, while being at the heart of climate innovation.